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Pro
Wtf unless there is a reason for that, he should just be calling you his partner. Full stop.
I remember when I got promoted, one of the founding partners said he was so excited to be able to refer to me as his partner. Equity or not.
I'd be pissed.
Pro
Totally uncalled for. I would politely say something. Said partner undermined your abilities by inferring non-equity status somehow makes you less skilled. At least that is how I’d have taken it. Perhaps said partner is a social moron and has no idea. Maybe you can help by educating (going out on a limb and guessing here) him.
Rising Star
Absolutely. What does it say under your name on the website? Ask him/her why they felt the need to distance you from the firm